The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced plans to build on the progress achieved in reforms targeting the foreign exchange market, remittances, diaspora engagement, and other areas in 2025.
Cardoso shared this via a statement posted on his X handle, which was subsequently reposted on the official X handle of the Central Bank of Nigeria, @cenbank.
Last year, the CBN made several efforts to stabilize the naira, with the most recent being the introduction of the Electronic Foreign Exchange Matching System, aimed at boosting market transparency. Additionally, the CBN granted Approval In Principle to 14 new international money transfer operators to strengthen diaspora remittance through official channels.
Cardoso stated on Thursday:
“By engaging transparently with stakeholders – from local communities to international partners – we bolstered Nigeria’s credibility at the global level while addressing our nation’s unique challenges. These efforts included decisive action: clearing the verified FX commitments, which amounted to $7bn, discontinuing the Central Bank’s quasi-fiscal interventions, unifying the multiple exchange rate windows, etc.
“Furthermore, we introduced innovative policies and reforms across a range of areas: from the FX market and remittances to financial inclusion, diaspora engagement, compliance, private sector growth, and more.
“We also prioritised increasing investor confidence, enhancing the efficiency of our financial markets, and driving innovation across sectors.”announced by the regulator in March 2024.